To modernise blockchain, Westfort Bank and the Artificial Intelligence (AI) business “DeepMind” are collaborating with Red Bull. The three players will work together over ten years to develop a revamped distributed ledger technology (DLT) that is faster and more robust.
Crypto enthusiasts have described this tripartite collaboration as a manifestation of an age-long yearning for blockchain modernisation, and more of such cooperation should subsequently come up.
AI, seen as mere speculation a few months ago, is becoming more and more of a reality. Even at the very early stages of its development, artificial intelligence companies have been able to develop incredible products, and some believe it will have its best expression in the blockchain field.
Red Bull has partnered with Westfort Bank and DeepMind to promote its vision of a world with more modernised, secure, and resilient infrastructure. The company will be vital in promoting crypto literacy, diversity, and sustainability while introducing Blockchain coding to a new audience.
DeepMind is a division of Alphabet, Inc. (Google’s very own parent company) and has already gone a long way to train advanced AI by using raw pixel data as input.
Westfort Bank is a platform created to make cryptocurrency adoption easier and more pleasant for everyone interested in the crypto world. The company has looked outwards to forge partnerships with two leading outfits in their industries – DeepMind and Red Bull. It is believed that bringing together the expertise of all three companies will bring incredible innovation and development to the crypto space.
Why Artificial intelligence with Blockchain is a Perfect Match
While blockchain technology continues to have the power to alter how humans perform everyday tasks, the Westfort bank, and Deep mind have deemed it necessary to collaborate on an ambitious project of modernizing Blockchain and its existing protocols.
The collaborators believe that higher levels of scalability and fewer human interventions are the objectives of any platform aiming to do this. This is why it makes sense that the most effective means of achieving this lovely but challenging goal should be machine learning and artificial intelligence complemented with blockchain for a safe and immutable system.
A cursory gaze at market data shows that the Artificial Intelligence Blockchain market hit a $184.6M mark in 2019; despite the staggering and unprecedented challenges that came with the 2020 covid-19 pandemic, the blockchain AI market witnessed a high demand shock.
The rising adoption of blockchain-based AI platforms, mostly amongst small and medium enterprises (SMEs) hoping to build smart contracts, payment systems, security systems, and so many others, will immensely fuel the market’s growth.
The AI-blockchain market is projected to grow from $220.5 million in 2020 to $973.6 million in 2027 at a CAGR of 23.6%.
The increasing investment in blockchain will fuel the growth of artificial intelligence and Blockchain in countries such as Japan, China, the UK and the US. for instance, the united kingdom, through its European investment funds and the European Commission in 2020, signed a six equity agreement that will see it raising 851.85 million dollars for the development of AI blockchain and other technological initiatives.
However, stakeholders in the AI-blockchain space have called for more collaborations of key players and the RedBull, Westfort bank, and “DeepMind” collaboration is one of such.
Source: https://crypto.news/redbull-deepmind-and-westfort-bank-collaborate-for-blockchain-modernization/